In Islam offering Zakat is one of the five pillars of Islam. It is a charitable contribution that every adult, who is mentally stable and financially stabled Muslim has to offer in order to support the less fortunate people.
Is Zakat Obligatory?
Zakat is obligatory when a certain amount of money, called Nisab is reached or exceeded. Zakat is not obligatory if the amount is owned less than the Nisab. The Nisab threshold for gold is 87.48g (or 8.7 Tolas)